March 26, 2024 2 min read


Flutter Entertainment Posts $11.8B Revenue, Weighed by Loss

With sports betting in the US reaching a record high, Flutter has been weighed down by several events in 2023 that prevented it from posting a stellar year

Flutter Entertainment is shutting the book on a full financial year with the company seeing a 24.6% increase in its annual revenue, but also posting a $1.21bn net loss which has prevented the FTSE100 company from shining.

Loss Prevents Flutter from Shining in FY2023

The negative performance market has widened since FY2022 when the company posted $370 million in losses. The company cited an impairment of trademarks to the cost of $725 million linked to PokerStars and another $791 million because of amortization of acquired intangibles as the reasons for the significant net loss in the financial year.

This loss is somewhat mitigated by the fact that the company continues to post strong results in total revenue, with the figure hitting $11.8 billion during the financial year. The company posted its strongest results in the United States, where the group has a dual listing on the New York Stock Exchange.

In the United States alone, FanDuel, Flutter’s flagship bookmaker, saw an increase of 45.9% in sports betting revenue, which has been one of the best-performing verticals. FanDuel is by far the leading sports betting brand in the country, although it’s still figuring out how to catch up to DraftKings in terms of iGaming offer at least during FY2023.

Flutter Entertainment also managed to increase the number of active players by 41.8% during the reported period.

FanDuel alone added 3.7 million new players in 2023, not only because it’s one of the most recognizable names in the country, but also because of multiple market launches in the United States, and even though Flutter faced tough competition from new arrivals in the market, including Fanatics Sportsbook and ESPN BET.

International Markets Post Strong Performance, Australia Takes a Hit

Outside of the United States, the company still enjoyed a fairly strong performance. Revenue increased 16.4% to $7.3 billion, up 8.4% from the 2022 performance. The United Kingdom and Ireland surprisingly also saw revenue increase by 14.4% to $3 billion.

Internationally, operations from Betfair, Junglee, Sisal, and the most recent acquisition, Serbian betting operator MaxBet, sent revenue for the segment up 36.8% on an annual basis, with a player count increase of 31%, mostly owing to the addition of MaxBet.

Other markets, including Brazil, Italy, Turkey and India all recorded double-digit growth except the nascent Brazil where growth was only 6.5% on an annual basis. Operations in Australia were pinched, however, because of both mounting regulatory pressure and increased competition.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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